The world of Commercial Real Estate (CRE) is becoming ever more competitive and tenant harnessing can help you get an advantage over your competitors. Tenant harnessing is all about meeting the needs of your tenant to attract new, higher paying tenant to your property and to keep existing tenants. However, tenant harnessing doesn’t just involve installing extra coffee machines in the lobby or building more parking spaces.
What is tenant harnessing?
One of the first principles of tenant harnessing is to realize that your tenants are your customers. Although your tenants are paying rent to you to operate from your property, in the end, they are still your customers.
Any business that is customer-orientated will find out the need of their customers and then make sure that they are met. After all, that is how successful businesses all around the world operate. So, the first step to fulfilling your customers’ needs is to communicate with them.
How to use the power of tenant harnessing
When you think of your tenants as you customers, you have taken the first step in using the power of tenant harnessing. Think about this: people live about half of their life in the workplace. This offers property owner’s a tremendous potential to tap into the needs of people in their place of work.
So, ask yourself, what are the potential opportunities to offer professionals opportunities at the workplace? Here are some ideas that may work for your commercial property:
- Discount and promotions.
- Delivery services for online shopping.
- Dry cleaning services.
- Money off at the local delicatessen.
- Free WiFi in communal areas.
When you start thinking of your tenant and their employees as valued customers, the opportunities are limitless.
The power of tenant harnessing comes when you offer these promotions and benefits to everyone who works in the building, irrespective of the company they work for. This means that contracts that you offer to new tenants much more profitable. You are also in a better position to retain existing tenants.
For you as a CRE landlord, the possibilities are endless. Tenant harnessing helps you provide the best possible experience for everyone working on your property. It also helps you maximize your return on investment and help secure a profitable future.
